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(Alliance News) - Stock prices in London were lower at midday on Thursday with investors seemingly unwilling to take new positions ahead of the speech by US Federal Reserve Chair Jerome Powell on Friday.
Meanwhile, London looks set for another high-profile stock market listing as the UK's largest gym chain eyes an initial public offering.
The FTSE 100 index was down 26.77 points, or 0.4%, at 7,123.34. The mid-cap FTSE 250 index was down 8.68 points at 23,978.57. The AIM All-Share index was down 0.47 of a point at 1,279.32.
The Cboe UK 100 index was down 0.4% at 708.41. The Cboe 250 was down 0.1% at 21,803.52, and the Cboe Small Companies was down 0.2% at 15,459.21.
In mainland Europe, the CAC 40 stock index in Paris was down 0.4%, while the DAX 30 in Frankfurt was down 0.6%.
In the FTSE 100, CRH was the best performer, up 1.6%, after the Irish building materials firm delivered strong interim results and raised its dividend.
CRH said pretax profit doubled to USD1.05 billion in the six months that ended June 30 from USD518 million a year before. Revenue was USD14.04 billion, up 15% from USD12.22 billion.
CRH posted earnings before interest, tax, depreciation and amortisation of USD2.0 billion, which was 25% ahead of USD1.6 billion last year. CRH said this reflected strong volume growth as well as a continued focus on price improvements and cost rationalisation, which more than offset the effects of input cost inflation.
The Dublin-based company declared an interim dividend of 23 US cents, up 4.5% from 22 cents paid out last year.
Looking ahead, CRH said it is encouraged by the progress being made in relation to the Biden administration's plans for infrastructure spending in the US. In Europe, it expects solid construction demand in its key markets to continue against a backdrop of a strong prior year performance.
US President Joe Biden's plans to spend nearly USD5 trillion to change the world's largest economy advanced in the House of Representatives earlier this week, after Democratic leaders reached an agreement with centrist lawmakers to end a dispute threatening the bills.
Biden and his Democratic allies controlling the chamber are pushing for passage of both a USD1.2 trillion infrastructure overhaul and a bill costing USD3.5 trillion over 10 years that would pay for improvements to education, health care and climate change resiliency.
AstraZeneca was up 0.8% after the Anglo-Swedish drugmaker said its Forxiga drug to treat chronic kidney disease was granted approval in Japan.
At the other end of the large-caps, Mondi was down 2.7% after the stock went ex-dividend, meaning new buyers no longer qualify for the latest payout.
Polymetal International was down 2.8%. The Russian gold miner posted improved first-half earnings, as it benefited from favourable commodity prices, but it lifted its capital expenditure guidance for the whole of 2021.
For the six months to June 30, revenue was USD1.27 billion, up 12% from USD1.14 billion last year. Pretax profit was USD521 million, rising 11% from USD470 million. Polymetal said its average realised gold and silver prices tracked market dynamics and increased by 8% and 59%, respectively, during the period.
Looking ahead, Polymetal said it is on track to meet its 2021 production guidance of 1.5 million ounces of gold equivalent.
However, Polymetal lifted its capital expenditure guidance to between USD675 million to USD725 million, from the previous forecast of USD560 million. The miner put this down to wage inflation, a feasibility study at its POX-3 asset and "continuing macroeconomic pressures".
In the FTSE 250, Hays Group was up 1.3%. The London-based recruiter resumed dividend payments after an accelerated recovery in the second half of its recent financial year led to a slight rise in annual earnings.
Hays reinstated dividend payments with a core payment of 1.22 pence per share and a special dividend of 8.93p.
It posted a profit before tax of GBP88.1 million for the year that ended June 30, up 2.1% from GBP86.3 million the year before. Operating profit saw a 31% decline to GBP95.1 million, although GBP70.0 million was earned in the second half alone.
Meanwhile, PureGym confirmed it has named advisers for a potential stock market float as it eyes capitalising on "growth opportunities" with lockdown measures easing.
The no-frills fitness chain operates over 500 gyms across the UK, Denmark and Switzerland. Its whole estate has now reopened since lockdown measures have eased.
A spokesperson for the Leeds-based company confirmed it has appointed Morgan Stanley and Barclays as lead advisers and RBC, Jefferies and Berenberg as bookrunners, as the gym chain mulls an initial public offering. The Financial Times reported the appointments earlier on Thursday.
The company on Thursday said it was "exploring capital raising options to take advantage of growth opportunities & potential deleveraging".
The pound was quoted at USD1.3745 at midday Thursday, up from USD1.3726 at the London equities close Wednesday.
"The pound found limited gains against the US dollar...as an absence of economic data from the UK did little to support sterling's recovery. The UK's economic recovery from the pandemic remains a concern as Covid-19 cases in the UK remain high; however hospitalisations from the virus remain low due to the vaccine rollout," commented analysts at OFX. "Fears of a surge in cases in September could weigh on the pound."
The euro stood at USD1.1775, up from USD1.1754. Against the Japanese yen, the dollar was trading at JPY110.12, up slightly against JPY110.06.
Brent oil was quoted at USD71.62 a barrel at midday, little changed from USD71.61 late Wednesday. Gold was trading at USD1,786.50 an ounce, marginally lower from USD1,786.95.
US stock market futures were pointed flat to lower after the S&P 500 and Nasdaq Composite indices set more record closes on Wednesday.
The Dow Jones Industrial Average was called flat, the S&P 500 down 0.2%, and the Nasdaq Composite down 0.1%.
Salesforce.com will be in focus after the enterprise-software provider late Wednesday reported a "remarkable" quarter, even as profit slipped.
Revenue for the second quarter ended July rose 23% year-on-year to USD6.34 billion. This beat the company's guidance for second quarter sales of up to USD6.23 billion. Subscription and support revenue rose 22% year-on-year to USD5.91 billion, to make up the bulk of the group's total, but its professional services & other revenue grew faster, up 37% to USD430 million.
However, the San Francisco, California-based firm's diluted earnings per share fell to USD0.56 from USD2.85 a year ago.
The stock was up 2.5% in pre-market trade in New York on Thursday.
Thursday's economic calendar in Europe sees the European Central Bank policy meeting minutes at 1230 BST, while US gross domestic product and initial jobless claims are due at 1330 BST.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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